There is every indication that home prices in California have already hit bottom. That does not mean every neighborhood but in 94806 the October median price of $190,000 was, except for August's $195,000, the highest since June of 2008, up from a 13-month low in June of $135,000.
Also, October's average 41 days on the market for sold homes is the lowest in the last 13 months. Draw your own conclusions but those seem to me to present a strong case for being past the bottom of the market.
If you want data on other zips or areas, shoot me an email and I'll provide it.
Windermere Walnut Creek